Treasury yields rose sharply after the data release of flash Manufacturing and Services PMI readings for April.
IHS Markit Manufacturing PMI rose to 50.4 in the preliminary April reading from 49.2.
The Services PMI rose to 53.7 in the preliminary April reading from 52.6.
The 10-yr note yield, at 3.51% just before the release, sits at 3.56% now.
The 2-yr note yield, at 4.08% a short time ago, sits at 4.17% now.
Early reversal has returned yields on the 5-yr note and longer tenors to their opening levels from yesterday. Equities trade on a modestly lower note with the S&P 500 (-0.2%) showing a slimmer loss than the Nasdaq (-0.4%).
Yields:
2-yr: -1 bp to 4.16%
3-yr: +2 bps to 3.89%
5-yr: +2 bps to 3.66%
10-yr: +2 bps to 3.56%
30-yr: +2 bps to 3.77%
